Retainer and deposit
Thanks Thanks:  0
Likes Likes:  0
Dislikes Dislikes:  0
Results 1 to 2 of 2
  1. #1
    Join Date
    Jul 2013
    Posts
    9
    Registered Childminder since
    Feb 12
    Post Thanks / Like

    Default Retainer and deposit

    Hello I was just wondering what the difference is between a retainer and a deposit, for holding a space for a parent ?
    Thanks

  2. #2
    Join Date
    Jan 2011
    Location
    Neverland
    Posts
    2,140
    Registered Childminder since
    Dec 11
    Latest Inspection Grade
    Good ;-)
    Post Thanks / Like
    Blog Entries
    8

    Default

    A deposit 'reserves' the space immediately, and is then used once the contract starts towards payment of fees, either the first or last months. (I ask for 4 weeks fees as a deposit and then use that towards the last 4 weeks of a contract)

    A retainer is paid in addition to the deposit if the start date is several weeks/months in advance as you cannot advertise that space so are losing income, and it is non refundable - it covers in part the loss of earnings of holding a space you may otherwise fill should another parent need care immediately, and it also acts like a guarantee for the parent that they have a confirmed space when they need it.

    However, should a contract not start due to a change in your circumstances, then you would return the deposit AND any retainer paid, if it's a parent's decision not to start, then they would lose any retainer paid and (for me, depending on the circumstances) the deposit


    If a client wants to start within 4 weeks, I don't charge a retainer, but if they don't want to start for up to 3 months, I will charge a retainer (50%)
    Personally, I refuse to hold a space for more than 3 months in advance, or for an unborn child, as too many things can change for either parents or myself

 

 

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Quick Links and Advertisements

Important Information Links
Some Useful Quick Links
Advertisements

 

You can also find us on:
Retainer and deposit Retainer and deposit Retainer and deposit

We use cookies to make this site as useful as possible. They are small text files placed in your browser to track usage of our site but they don’t tell us who you are.
By continuing to use this site you are consenting to cookies being placed on your computer. Find out more here: Cookies in Use

Childminding Help and the Childminding Forum are part of Childcare.co.uk